In a regulatory statement Tuesday, the Vancouver-based group said it was aware of an iOS smartphone application called Tether Wallet that was available, claiming that it had been developed by the company.

"This application is not affiliated with [Global Blockchain Mining] in any way, and the company is presently in the process of pursuing this matter with Apple to seek removal from the App Store," it told investors.

Moreover, the group also advised the public to 'exercise caution' in verifying the integrity of any app or product that handles sensitive information such as financial details.

"Individuals who have been victimized by Tether Wallet should be sure to retain all records relating to their use of the application, and contact Apple and their local authorities to lodge a complaint," the firm added.

"We are appalled to discover that our company's name and goodwill has been misused for fraudulent purposes, and we are actively investigating this, with the immediate priority being the removal of this application from the App Store, to ensure no additional persons are defrauded," said Shidan Gouran, president and chief executive officer of Global Blockchain Mining.

He also noted: "It is worth noting that if Apple used blockchain technology for its App Store and WOT (Web of Trust) for authentication and identity management, this would curtail the growing issue of illegitimate applications on the platform. This is yet another case that proves how secure decentralized platforms are, as this misuse of the company's name would not have been possible on such a platform."

Global Blockchain Mining Corp. is a technology company that is engaged in the business of mining blue-chip cryptocurrencies through the deployment of hardware and associated infrastructure to mine these coins. Investors, through their investment in Global Blockchain Mining Corp., are provided with exposure to these cryptocurrencies without the lengthy, and complicated process that interested investors must undergo in order to gain exposure to these cryptocurrencies.

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